According to the report, five of Uber’s major investors demanded Kalanick’s resignation on Tuesday, including venture capital firms Benchmark and Fidelity.
The investors had sent Kalanick a letter titled Moving Uber Forward in which they asked Kalanick to resign immediately. Kalanick will remain on Ubers board of directors.
The decision comes after a very tough period for the company, filled with gaffes and accusations of a misogynistic workplace culture. In one incident, Kalanick himself was caught on video berating an Uber driver; in another, more recent episode, an Uber board member made a sexist joke at a meeting on sexism.
The company recently fired more than 20 employees after an inquiry into sexual harassment at the company.
Kalanick has also suffered a personal tragedy recently; his mother was killed and his father severely hurt in a boating accident in May.
I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight, Kalanick said in a statement.
“Travis has always put Uber first. This is a bold decision and a sign of his devotion and love for Uber.”
A company spokesperson sent Mashable a statement from Uber’s board of directors: “Travis has always put Uber first. This is a bold decision and a signof his devotion and love for Uber. By stepping away, hes taking the time to heal from his personal tragedy while giving the company roomto fully embrace this new chapter in Ubers history. We look forward to continuing to serve with him on the board.”
Kalanick, who co-founded Uber in 2009, will likely remain an important presence at the company. He still controls the majority of voting power within Uber.